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An H&M insider, closest to Persson leaves the clothing giant to American competitor

Monday, 11 June 2012
After 15 years, global sales manager Stefan Larsson leaves H & M. and goes to competitor Gap brand Old Navy.

According to Swedish business daily, Dagens Industri, Stefan Larsson, 37, has been one of H & M's strongest forces in power for nearly 15 years and worked closely with the CEO Karl-Johan Persson.

On his last post Stefan Larsson was responsible for sales in more than 2300 stores worldwide. During his time as a leading figure, H & M had grown from 12 to 44 countries and seen 5 digit rise in sales.

Now he gets the chance to make such impact with the clothing brand Old Navy, owned by American Gap. Old Navy has 1,000 stores in the U.S. and opens in July, its first overseas store in Japan.

"Stefan is a rising star in the clothing trade. He has a deep understanding of how quality should be balanced with profitability, "said Glenn Murphy, CEO of Gap, one of H & M's toughest competitors to the Swedish paper.
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